OLDWICK - APRIL 30, 2018In this A.M.BestTV episode at the Meeting of Reinsurance Officials (MORO) conference in Montreal, a panel of cyber-risk experts discuss where insurers are in using data to create and price cyber products, and say that clients care about much more than financial indemnity. Click on http://www.ambest.com/v.asp?v=moro4418 to view the entire program.

“There are a number of reasons why cyber is a unique exposure; however, I think the most important is that cyber insurance is much more than just an indemnity product,” said Latham. “The post- and pre-loss services that are offered by most providers are of paramount importance. ….As long as their indemnity product is level with the market, it matters more to them that their services are the best in the market.”

“The total cyber premium worldwide is about $5 billion and projected to grow to about $20 billion by 2025,” said Fung. “We are living in a day and age that is increasingly digitally connected because of the Internet of Things, social media and cloud infrastructure. All these are pushing cyber exposure, which means that the demand for cyber insurance is only going to increase.”

Mutual Insurers Form Tight Bonds With Reinsurers: A panel of insurance and reinsurance executives discusses the increasing role reinsurance is playing in how insurers, particularly mutual insurers, are managing their risks: http://www.ambest.com/v.asp?v=moro3418 .